K36 Therapeutics Announces $70 Million Series B Financing to Fund Clinical Proof of Concept of KTX-1001, First-in-class Inhibitor of MMSET for Treatment of Multiple Myeloma Patients with Genetic Translocation (4;14)
Funds raised will be used to demonstrate clinical validation and proof-of-concept in t(4;14) multiple myeloma with KTX-1001 monotherapy and KTX-1001 combination regimens with existing standard-of-care agents
CAMBRIDGE, Mass., June 28, 2023 /PRNewswire/ -- K36 Therapeutics ("K36"), a privately held clinical-stage biotech company developing KTX-1001, an investigational small molecule methyltransferase inhibitor of multiple myeloma SET (MMSET) domain, today announced a $70M Series B financing. The round was led by Nextech Invest, Ltd, a precision medicine focused investment firm, on behalf of one or more funds managed by it, with participation from Bristol Myers Squibb Company (NYSE:BMY), and other undisclosed investors. All existing investors including Atlas Venture, F-Prime Capital, and Eight Roads Ventures participated in the round.
The funds will support the ongoing Phase 1 study of KTX-1001, planned clinical studies of KTX-1001 in combination with existing standard-of-care agents in multiple myeloma, and the expansion of KTX-1001 into additional hematological and solid tumor indications. KTX-1001 is a novel, first-in-class, potent, and selective catalytic inhibitor of the H3K36 methyltransferase MMSET. It is an orally administered small molecule being developed initially for treating relapsed and refractory multiple myeloma, focusing on patients with the genetic translocation t(4;14).
"We are committed to developing KTX-1001 for t(4;14) multiple myeloma patients, a large patient population with chronic disease who are relatively unresponsive to existing and emerging therapeutics," said Terry Connolly, Ph.D., Chief Executive Officer of K36 Therapeutics. "We welcome our new investors who bring extensive expertise in cancer drug development as well as company building, and we are proud of the continued commitment from of our existing investors. This financing comes at a key time for K36 as we look forward to establishing KTX-1001 clinical proof of concept in multiple dosing regimens and demonstrating the expanded opportunity for KTX-1001 in additional hematologic and solid tumor malignancies."
K36 also announced that in conjunction with the Series B financing, Melissa McCracken, Ph.D., Partner at Nextech, will be joining K36's Board of Directors.
"Nextech invests in emerging biotechnology companies that are developing transformative cancer medicines," said Dr. McCracken, "The K36 team has made remarkable progress since the company's formation, advancing the only known selective inhibitor of MMSET into clinical development. I am excited to be a part of the K36 Board of Directors, and look forward to the continued clinical progress with KTX-1001 for the treatment of t(4;14) multiple myeloma, and beyond."
About K36 Therapeutics, Inc.
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Company Codes: NYSE:BMY